California Education Code 70046 – The Legislature finds and declares both of the following:(a) As …
The Legislature finds and declares both of the following:
(a) As of 2020, California students who have financial need and receive private scholarships are unable to make full use of the awards provided to them by private scholarship providers because institutions of higher education reduce their gift aid, grants, scholarships, tuition waivers, and fellowship stipends that those students would otherwise be qualified to receive. The reduction of an institution‘s financial aid due to private scholarships is referred to as “scholarship displacement.”
Terms Used In California Education Code 70046
- Financial need: means , as used in subdivision (a) of Section 70048, the cost of attendance minus the expected family contribution. See California Education Code 70047
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Gift aid: means all financial aid designated for the student's educational expenses, including a grant, scholarship, tuition waiver, fellowship stipend, or other third-party payment, that is not a loan or pursuant to a work-study program. See California Education Code 70047
- institution: means any public or private postsecondary educational institution in the state that receives, or benefits from, state-funded financial assistance or enrolls students who receive state-funded student financial assistance. See California Education Code 70047
- Private scholarship: means financial assistance awarded to students based on one or more factors, including, but not limited to, academic merit, talent, or a particular area of study, by a private company, foundation, or nonprofit organization, or a public charity or service group. See California Education Code 70047
(b) This act is intended to ensure that private scholarships supplement, and do not supplant, gift aid, grants, scholarships, tuition waivers, and fellowship stipends provided by institutions of higher education to California students who have financial need.
(Added by Stats. 2022, Ch. 925, Sec. 1. (AB 288) Effective January 1, 2023.)